Do I need a medical exam?
A medical exam is not always need, but in the life insurance arena their are several types of ways you can go about getting life insurance if you have Crohn’s disease.
In this article we will discuss the best ways to secure coverage and some of the companies that are available with and without an exam.
When underwriting life insurance protection it typically comes down to these options:
- Full medical underwriting
- No exam underwriting
- Simplified underwriting
- Guaranteed Issue Underwriting
Let’s discuss all 4 options.
Full Medical Underwriting
Full medical underwriting is when you go thru a detailed review of your complete medical history, background, etc. This typically involves completing a complete application an answering numerous questions regarding your health history, family history, travel history, financial history, etc.
This also usually entails have a medical exam and blood and urine samples. Occasionally a routine EKG will also be needed.
In addition to an exam, the insurance carrier will most often want to order your medical records or APS (attending physician summary) as it is know in the industry.
These medical records help give the underwriter a good idea of your past medical history and how compliant you are being with your treatment.
Current blood and urinalysis helps give the underwriter a current look at your lab results to determine if they are within normal range. Blood pressure, height/weight, family history all come in to play when going through full medical underwriting.
Although going through full medical underwriting is often more time consuming and typically takes longer to underwrite, this option almost always gives you the best chance of getting the lowest rates. Quite simply, the underwriting insurance company as more information on you than say had you not taken a medical exam.
No medical exam underwriting
Often times those looking for life insurance don’t want to take the time to go through a full medical exam or perhaps they are not a big fan of needles or simply don’t like someone prodding and poking them.
A no medical exam underwriting approach can be quicker, but this does not mean the underwriter cannot order medical records from your personal physician and asks detailed questions about your history. Often times, people think no medical exam means quick approval with no background check. Although a no medical exam is sometimes very efficient it is can sometimes be a bit more expensive than the full underwriting review.
For someone with a history of crohn’s disease or ulcerative colitis it oftentimes makes sense to go through a full underwriting review. Although the underwriting turnaround time will often be much quicker than a full underwriting review, it is important to remember that the rates quoted could be different after the medical records are reviewed.
Simplified Underwriting
Simplified underwriting does not require a medical exam or medical records to be ordered. The carrier will typically either accept or reject the applicant based on the answers on the application. The turnaround time on a simplified underwriting applicant is typically about 48 hours. Although their is no exam and no medical records ordered and quick turnaround, the rates on a simplified plan will be higher than either fully underwritten or no-exam underwritten.
Guaranteed Issue Underwriting
Just as the name implies, the coverage requested is guaranteed to be issued. Their is no medical exam, no lab tests, no doctors records, no if’s and’s or but’s. If you meet the criteria for age and amount you will get the coverage. But, of course theirs a caveat. True guaranteed issue contracts are usually limited by amount of coverage (usually no more than $25,000) and often time ages (typically 40-75). Also, since its guaranteed issue with no questions asked, the rates are going to be very high. And most if not all guaranteed issue policies restrict the death benefit to a graded death.
In other words, if death occurs the first year two years of coverage the policy pays all premium back plus an amount of interest (typically 10%), if death occurs after the second year coverage pays the full benefit. These policies are kind of last resort if an applicant cannot be approved thru one of the other underwriting methods mentioned above.
Best Companies for underwriting Crohn’s disease
Here are a list of some of the top carriers that underwrite life insurance for Crohn’s the best. Some only offer full underwriting, some no exam underwriting, some offer simplified underwriting and some guaranteed issue underwriting:
- Prudential
- Lincoln National Life
- Savings Bank Life
- Cincinnati Life
- Banner Life
- Phoenix Life
- Forester’s Life
- Sagicor Life
- United Of Omaha
- Gerber Life
- Kemper Life
Underwriting questions for Crohn’s disease
- What is the date of first diagnosis?
- What if any medications are you taking?
- Have you ever been hospitalized for Crohn’s?
- Have you had surgery for Crohn’s?
- Most recent colonscopy?
- Current height/weight
- Have you used tobacco in last 5 years?
- Any family history of crohn’s disease?
- Any other major health problems?
In addition to the answers to the following questions, it is also important to know how much protection you need and what type of coverage you would like? I.E. Term or whole life
Conclusion-
If you are in need of life insurance and have a history of crohn’s disease, please contact us at 1-888-393-9003 or mike@specialriskterm.com. You can also find great resources on the web to encourage and help you with your walk with Crohn’s. Check out http://jennisguts.blogspot.com/
